Systems and methods for computing an index for a binary options transaction

ABSTRACT

Methods, apparatuses, and article of manufactures for receiving a plurality of bids and offers for a binary options instrument. Each bid and offer comprises a quantity and a price. A subset of bids and offers from the plurality of received bids and offers is generated. At least one rule is applied to the subset of bids and offers to generate a reduced subset of bids and offers. A binary options index is computed from the reduced subset of bids and offer. A request for a binary options transaction that is based on the computed binary options index is received.

CROSS REFERENCE TO RELATED APPLICATIONS

This application is a continuation application of U.S. patentapplication Ser. No. 13/832,916, filed Mar. 15, 2013, which claims thebenefit of U.S. Provisional Application Ser. No. 61/768,117, filed onFeb. 22, 2013, which are hereby incorporated by reference herein.

FIELD OF THE INVENTION

Some embodiments may relate to trading binary options. In particular,the trading of binary option on a mobile device.

BRIEF DESCRIPTION OF THE FIGURES

FIG. 1 is a block diagram of a system in accordance with an aspect ofthe invention.

FIG. 2 is a pictorial block diagram of a system in accordance with anaspect of the invention.

FIGS. 3-4 c illustrates an exemplary screenshots of an interface.

FIG. 5 illustrates an exemplary example of an order entry window.

FIG. 6 illustrates an exemplary example of a confirmation window.

FIG. 7 illustrates an exemplary example of an introductory.

DETAILED DESCRIPTION

The invention provides a system and method of trading derivativeinstruments, such as binary options instruments. The system may be basedon an index that is computed using a number of different techniques. Inone embodiment, the invention provides a system and method of generatingseamless transitions between graphical images.

Although the descriptions and examples below describe mainly a binaryoptions system, the invention is not limited to binary options alone.The systems and methods described herein may be to non-binary optionsinstruments, such as futures, etc.

I. Example Embodiments

As shown in FIGS. 1-2, a system 100 in accordance with one aspect of theinvention includes a server 110 containing a plurality of processors210, memory 220 and other components typically present in generalpurpose computers.

Memory 220 stores information accessible by at least one processor 210,including instructions 240 that may be executed by the processor 210,and data 230 that may be retrieved, manipulated or stored by theprocessor. The memory may be of any type capable of storing informationaccessible by the processor.

The instructions 240 may be any set of instructions to be executeddirectly (such as machine code) or indirectly (such as scripts) by theprocessor. In that regard, the terms “instructions,” “steps” and“programs” may be used interchangeably herein. The instructions alsofunction as an algorithm allowing the processor to perform the purposesintended by the instructions. The instructions may be stored in objectcode form for direct processing by the processor, or in any othercomputer language including scripts or collections of independent sourcecode modules that are interpreted on demand or compiled in advance.Functions, methods and routines of the instructions are explained inmore detail below.

Data 230 may be retrieved, stored or modified by processor 210 inaccordance with the instructions 240. For instance, although theinvention is not limited by any particular data structure, the data maybe stored in computer registers, in a relational database as a tablehaving a plurality of different fields and records, XML documents, orflat files. The data also may be formatted in any computer readableformat such as, but not limited to, binary values, ASCII or Unicode.Moreover, the data may comprise any information sufficient to identifythe relevant information, such as descriptive text, proprietary codes,pointers, references to data stored in other memories (including othernetwork locations) or information which is used by a function tocalculate the relevant data.

Although the processor and memory are functionally illustrated in FIG. 1within the same block, it will be understood by those of ordinary skillin the art that the processor and memory may actually comprise multipleprocessors and memories that may or may not be stored within the samephysical housing. For example, some of the instructions and data may bestored on removable CD-ROM and others within a read-only computer chip.Some or all of the instructions and data may be stored in a locationphysically remote from, yet still accessible by, the processor.Similarly, the processor may actually comprise a collection ofprocessors which may or may not operate in parallel.

In at least one embodiment, server 110 is a server communicating withone or more client devices 150-151. Each client device may be configuredsimilarly to server 110, with a processor, memory and instructions. Eachclient device 150-151 may be a mobile device, such as an iPad, intendedfor use by a person 190-191, having all the internal components normallyfound in a tablet device such as a central processing unit (CPU),display 160, hard-drive, user input devices (for example, touch-screen,microphone, Bluetooth mouse, wireless keyboard, augment realityspectacles), speakers, wireless modem and/or network interface deviceand all of the components used for connecting these elements to oneanother. Moreover, client devices in accordance with the systems andmethods described herein may comprise any device capable of processinginstructions and transmitting data to and from humans and othercomputers, including mobile devices, personal computers, smart phones,general purpose computers, network computers lacking local storagecapability, Personal Digital Assistant (PDA) with modems andInternet-capable wireless phones, any augmented reality devices, such asGoogle Glasses.

Server 110 and client devices 150-151 are capable of direct and indirectcommunication, such as over a network 295. Although only a few tabletdevices are depicted in FIGS. 1-2, it should be appreciated that atypical system can include a large number of wireless computing devices,with each different computing device accessing a different node of thenetwork 295. The network and intervening nodes may comprise variousconfigurations and protocols including the Internet, intranets, virtualprivate networks, wide area networks, local networks, private networksusing communication protocols proprietary to one or more companies,Ethernet, WiFi and HTTP. Such communication may be facilitated by anydevice capable of transmitting data to and from other computers, such asmodems (e.g., dial-up or cable), networks and wireless interfaces.Server 110 may be a web server.

Although certain advantages are obtained when information is transmittedor received as noted above, other aspects of the invention are notlimited to any particular manner of transmission of information. Forexample, in some aspects, the information may be sent via a medium suchas a disk, tape or CD-ROM. In other aspects, the information may betransmitted in a non-electronic format and manually entered into thesystem. Yet further, although some functions are indicated as takingplace on a server and others on a client, various aspects of theinvention may be implemented by a single computer having a singleprocessor.

The data 230 includes database 270. Database 270 provides market data274 in response to requests for information associated with a particularbinary options instrument. The system and method is not limited to aspecific manner of expressing the binary options market data.

The system and method is not limited to a particular type or format. Themarket data 270 may be in any data format. Market data may be anyrelevant information of interest to customers seeking to execute atransaction on a binary options instrument. A user using client device150 may request market data information by connecting to server 110.

FIGS. 3-7 illustrate how a screen in accordance with an aspect of thesystem and method may look to a customer seeking to make a binaryoptions transaction.

FIG. 3 illustrates a screenshot of binary options interface 300. Whenbinary options interface 300 is used on a tablet device, it is desirablefor binary options interface 300 to convey as much information aspossible without necessitating the opening of a new webpage or window.In some embodiments, binary options interface 300 may employ features,such as pull-down menus, side columns, scrolling, stretch-to-expand,pinch-to-shrink and dragging gestures, in order to maximize theinformation provided on the limited screen space.

In one embodiment, a user may select the binary options instrument viapull down menu 302. System 100 is capable of handling any type ofinstrument, including but not limit to, financial instruments, S&P 500indices, oil & gas indices, real estate indices, futures indices, etc.In other words, any risk derivative that is subject to a “yes” or “no”proposition may be transacted via system 100. In the example illustratedin FIG. 3, pull-down menu 302 offers a selection of currency pairs fromwhich the user selects the EUR/USD currency pair.

Upon selection of an instrument, binary options interface 300 displaysreal-time market data for the selected instrument. In one embodiment,the market data is shown in display box 304. The market data also may bedisplayed via price graph 306 which is featured in graphical section308. As the market data fluctuates throughout the day, both display box304 and price graph 306 are updated continuously in real-time.

Although FIG. 3 illustrates the market data in the form of a lineargraph, system 100 is capable of displaying the market data in any numberof different formats, such as stacks, bar graphs, scatter plots, etc. .. .

System 100 may receive market data from any number of providers. Theseprovides may be banks, broker dealers, hedge funds and/or other vendors.The market data may be updated at any number of time intervals. In oneembodiment, as illustrated in FIG. 3, the market data is updated at asampling rate of every half second. This sampling rate may be determinedin advance by any number of sources. In one embodiment, the samplingrate is determined by the market data provider. In another embodiment,system 100 determines a default sampling rate. In another embodiment,the customer determines the sampling rate. The customer also may havethe option to change the sampling rate during her use of system 100. Inanother embodiment, only select customers are provided with the optionto change the sampling rate. System 100 may grant “select” status tocertain customers based on any number of factors, such as their tradinghistory, their frequency of trade, quantity of their previoustransactions, quantity of “trading” dollars purchased, and the amount ofmoney they have previously spent or earned using system 100.

Upon receiving the market data, system 100 processes the data beforedisplaying the information in display box 304 and price graph 306. Inone embodiment, system 100 will determine the highest bid price andlowest offer price and display those numbers. In another embodiment,system 100 displays an index of the received bids and offers in displaybox 304 and price graph 306. This index may be calculated via a varietyof techniques.

In one embodiment, system 100 computes the index by averaging of allreceived bids and offers.

In another embodiment, the index is computed from a subset of bids andoffers, in which the subset does not consists of all received bids andoffers. For example, binary options 100 may select the six most recentlyreceived bids and offers, and compute the index using this subset ofbids and offers. Any permutation, where the index is computed from asubset that does not consists of all received bids and offers, ispermitted by system 100.

In one embodiment, at least one rule is applied to the received bids andoffers before an average is computed for the index. The rule may beapplied to all of the received bids and offers, or the rule may beapplied to a subset of the bids and offers.

In one embodiment, the rule may consist of removing the highest andlowest bids and offers. The index is then computed from this reducedsubset. The rule may encompass any variant of this removal, such asremoving the top two and bottom two highest/lowest bids and offers.

Another rule may consist of comparing each bid and each offer against athreshold quantity amount. Any bid or offer with a quantity that fallsbelow the minimum threshold amount is removed. For instance, binaryoptions interface 100 may only wish to list bids and offers with aminimum quantity of 1M. Therefore, any bids or offers that fails to meetthe minimum quantity threshold is removed from the subset. Again, theindex is then computed from this reduced subset.

Another rule may consist of comparing each bid and each offer against athreshold price amount. For example, any bid that is too low (e.g. doesnot meet a minimum price amount) may be removed before the index iscomputed. Conversely, any offer that is too high (e.g. does not meet amaximum price amount) may be removed from the subset as well.

System 100 may seek to remove an order that appear to be manipulative orprovided in error. In one embodiment, the rule may remove any suspiciousbids or offers by applying a threshold price amount. For example, anybids that are unusually high (e.g. does not meet a maximum priceamount), or any offers that are unusually low (e.g., does not meet aminimum price amount) are removed before the index is computed. Anotherrule may compare all received bids and offers against a standard ofdeviation, so that any bids or offers that fall outside the standard ofdeviation are removed.

System 100 also may employ rules that makes it more difficult topredict. For example, system 100 may apply a rule which randomly selectsone or more bids and offers to be removed before computing the index. Toapply this rule, system 100 may determined a periodic pattern in thereceived market data, and then attempt to deviate from that periodicpattern.

In one embodiment, system 100 uses the order position of a bid or offer.For example, the rule may consists of removing every tenth bid and offerthat is received by system 100. In one embodiment, system 100 also mayuse a randomizer to generate the order position that is to be removed.

In another embodiment, system 100 removes all bids at a particular bidprice or all offers at a particular offer price. The particular bid andoffer prices are randomly selected and may change from time to time. Forexample, system 100 may remove any EUR/USD rate that hits a specificvalue from the subset before calculating the index.

In another embodiment, system 100 removes all bids having a particularquantity, or all offers with a particular quantity. This particularquantity also may be randomly selected and may change from time to time.

In one embodiment, the detection of a potentially manipulative bid oroffer may trigger an alert to be sent to an administrator of system 100.In another embodiment, system 100 automatically flags any potentiallymanipulative bids or offers and identify their source. System 100 maytransmit an alert regarding the source of the manipulative bids oroffers. An offender who exceeds a threshold quantity of alerts may beprevented from posting on system 100. In another example, any offerswith a manipulative order that exceeds a threshold amount may beprevented immediately from posting on system 100. In another example,system 100 alerts a system administrator for further evaluation.

In one embodiment, system 100 calculates a weighted value for eachreceived bid and offer. This weighted value is computed by combining thequantity amount and the bid/offer price. This weighted value also may beused when computing the index and/or when applying one of the rules.

Referring back to FIG. 3, a user of system 100 also may select a closingtime for the binary options transaction. Using pull-down menu 310, theuser selects from a plurality of available closing times. System 100 mayoffer closing times at any number of time intervals. For example, theclosing times may occur every hour, half hour, every two hours, everyfifteen minutes, once a day, or any other increment of time. In oneembodiment, binary options interface 300 does not offer any choices onthe future closing time. Instead, the user is automatically assigned tothe next available closing time.

Once the user selects a closing time, in one embodiment, timer 312displays a countdown of the remaining time until expiration of theselected closing time. A user may wish to reference timer 312 indetermining whether to place another bid or offer on binary system 100.

In one embodiment, the user also can view the amount of money remainingher balance via box 322. She may purchase additional trading dollars byclicking on an appropriate icon on the display screen. In oneembodiment, she may add trading dollars by providing a valid credit cardnumber. In another embodiment, she may have the funds transferred from abanking institution.

The user also may select a strike level (or strike price) for theselected instrument via pull-down menu 314. Any strike level that isavailable for a binary options transaction may appear in pull-down menu314. In response to the user's selection, a corresponding strike line ishighlighted in graphical section 308.

At this point, any bids and offers place by the user would be specificto the selected strike level at the selected closing time. For example,in the illustrated example of FIG. 3, the user selects a strike level of1.3025 and a closing time of 3:00 pm. In response to the user'sselection, strike line 316 is highlighted in graphical section 308. Whenplacing a bid or offer, the user will need to determine whether shebelieves that the currency index (as depicted by price graph 306) willend up either above or below the strike level of 1.3025 at 3:00 pm. Ifthe user believes that the answer is “yes” (i.e., the currency index forEUR/USD will close “in the money,” or above the selected strike level of1.3025), she would purchase a Call/Up option (i.e., submit an bid tobuy). Conversely, if the user believes that the answer is “no” (i.e.,the currency index for the EUR/USD will end below the selected strikelevel of 1.3025), she would purchase a Put/Down option (i.e., submit anoffer to sell). If the user wishes to place a bid or offer for a differstrike level, she would select another strike level using pull-down menu314.

When placing the bid or offers, the user may rely on a variety ofinformation to inform her decision. This information may be displayed onbinary options interface 300. In one embodiment, graphical interface 308displays information pertaining to the best available markets for eachstrike price. This information may be displayed next to thecorresponding strike line. As shown in FIG. 3, a plurality of strikeslines are displayed in graphical section 308 along vertical axis 364.Each strike line 316-324 has a corresponding pair of market boxes326-344. Market boxes 326-334 display the headline bid (or best bid) forits corresponding strike price. Each of market boxes 326-334 appearabove its corresponding strike line. Similarly, market boxes 336-344display the headline offer (or best offer) for its corresponding strikeprice. Each of market boxes 336-344 appear below its correspondingstrike line. The information displayed in market boxes 326-344 show theavailable quantity and the best available price for its correspondingstrike level. For example, market box 330 lists “10 @ 96,” whichindicates that at the present time the best available bid at strikelevel 1.3025 is a quantity of 10 at an average price of $96. Likewise,market box 340 lists “10 @ 78,” which indicates that at the present timethe best available offer at strike level 1.3025 is a quantity of 10 at aprice of $78.

In one embodiment, binary options interface 300 shows the market depthfor the selected strike level by displaying the next best bids and nextbest offers in display box 346. Referring back to the example shown inFIG. 3, for strike level 1.3025, the best bid price at the present timeis $96 (as shown in market box 340). If a user desires to buy a quantitythat is great than 10, she then refers to the other bids listed indisplay box 346.

Furthermore, each time that a user selects a strike level throughpull-down menu 314, display box 346 automatically updates to display themarket depth information for that selected strike level.

Both display box 346 and market boxes 326-344 are dynamically updated inreal-time. Any time that a liquidity provider opens a new market, thisnew market appears on binary options interface 300. If the new market isreplacing a headline offer or bid of a strike level, then thecorresponding market box for that strike level is updated accordingly.The previous headline offer or bid is moved to display box 346.

In one embodiment, display box 346 lists the headline bids and offers,as well as the other available next best bids and offers are hidden fromthe initial view of binary options interface 300. In one embodiment, theuser swipes the touch-screen in a down-up motion in order to scrollbelow to see additional next best bids and offers. In anotherembodiment, the user double taps on display box 346, which displays apop-up window that displays all available next best bids and offers

At any point during a binary options transaction, a user may desire toview additional information from graphical section 308. In particular,the user may wish to manipulate the images displayed in graphicalsection 308, such as zooming in, zooming out, viewing past data points,or viewing additional strike levels.

As shown in FIG. 3, graphical section 308 comprises horizontal axis 362and vertical axis 364. Time increments are distributed along horizontalaxis 362, and strike levels are distributed along vertical axis 364. Inone embodiment, system 100 comprises a centering mechanism, whichdetects the current market index and automatically displays price graph306 in the center of vertical axis 364. In one embodiment, the userdouble taps anywhere on graphical area 308 to re-center the price graph306.

There are various ways in which a user can manipulate the data displayedin graphical section 308. A user may desire certain operations such asscrolling, selecting, gesturing, and animating operations for a displayof the device.

In one embodiment, a user views past market data by scrolling. Scrollingis the act of sliding in a direction (e.g., horizontal or vertical) toview additional content, such as text, drawings, or images, across ascreen or display window. In a typical graphical user interface,scrolling may be performed by a dragging gesture of the finger. Inanother embodiment, scrolling maybe be done with the help of a scrollbaror using keyboard shortcuts, such as arrow keys. For example, the usermay drag her finger in a vertical direction in order to see additionalstrike levels (and their corresponding market boxes). The user also maydrag her finger in a horizontal direction to view different time periodsof price graph 306, if the full graph history is not in view.

In another embodiment, the user acquires additional information byperforming a gesture, such as a stretch-to-expand or pinch-to-shrinkgesture on the touchpad screen. Gesturing is a type of user input withtwo or more input points. Animating operations include changing contentwithin a given time period. The stretch-to-expand or pinch-to-shrinkgesture result in a scaling transformation such as a zoom-in or zoom-outfunctionality. The gesture operations also include performing a rotationtransform to rotate an image or view in response to a user input havingtwo or more input points.

When a user employs a stretch-to-expand gesture, she increases thefrequency by which the time intervals are sampled along horizontal axis362. Price graph 306 is now displayed over a shorter period of time. Thestretch-to-expand gesture also decreases the number of strike levelsthat are displayed along vertical axis 364. As a result, thestretch-to-expand gesture causes a zoom-in effect of price graph 306. Inone embodiment, system 100 monitors the quantity of stretch-to-expandgestures received on the touch screen, in order to determine thepercentage by which price graph 306 should be enlarged. For example, inone embodiment, a single stretch-to-expand gesture may result a firstscaling factor (e.g., a 25% magnification), whereas twostretch-to-expand gestures may result in a second scaling factor (e.g.,50% magnification) of price graph 306.

FIG. 4a illustrates a screenshot of binary options interface 300 in adefault setting. In the illustrated example, there are five strikelevels displayed along vertical axis 364 and the time intervals alonghorizontal axis 362 are sampling at approximately every 14-sec. Pricegraph 306 is displayed over approximately a 53-sec period of time. Bycontrast, FIG. 4b illustrates a screenshot of binary options interface300 after the user has performed a stretch-to-expand gesture. Pricegraph 306 is now displayed over a shorter period of time: 28-sec. Thesampling rate along horizontal axis 362 increases from sampling at every14 seconds to sampling at every 7-sec time intervals. The zoom-in effecton graphical section 308 also decreases the quantity of displayed strikelevels. Where as FIG. 4a shows five strike levels along vertical axis364, FIG. 4b now shows two strike levels.

When a user employs a pinch-to-shrink gesture, she decrease thefrequency by which the time interval are sampled along horizontal axis362. Price graph 306 is now displayed over a longer period of time. Thepinch-to-shrink gesture also increases the number of strike levels thatare displayed along vertical axis 364. As a result, the pinch-to-shrinkgesture causes a zoom-out effect of price graph 306. In one embodiment,system 100 monitors the quantity of pinch-to-shrink gestures received onthe touch screen, in order to determine the percentage by which pricegraph 306 should be reduced. For example, in one embodiment, a singlepinch-to-shrink gesture may result a first scaling factor (e.g., 25%reduction), whereas two stretch-to-expand gestures may result in asecond scaling factor (e.g. 50% reduction) of price graph 306.

FIG. 4c illustrates a screenshot of binary options interface 300 afterthe user has performed a pinch-to-shrink gesture. Compared with theprice graph 306 that is displayed in FIG. 4b , price graph 306 isdisplayed over a longer period of time (41-sec) in FIG. 4c . Thesampling rate along horizontal axis 362 decreases from sampling at every7 seconds to sampling at every 10-sec time intervals. The zoom-outeffect on graphical section 308 also increases the number of displayedstrike levels from two to three.

In one embodiment, the transition between each of the pinch-to-shrinkand stretch-to-expand gestures is completely seamless. The user doesnot, at any time, experience a break in the image of price graph 306that is displayed in graphical section 308. System 100 accomplishes thisseamless display of price graph 306 through a number of differentmethods.

In one embodiment, system 100 uses an anticipatory zoom technique thatinterpolates between known data points in order to generate an initialimage of price graph 306. System 100 then retrieves the actual datapoints and updates the initial image with the actual data points.Because the initial image is based on interpolated data, the image willbe fairly similar to the subsequent image that is generated from theactual data points. As such, the user does not perceive any significantchanges between the initial image and the subsequent image of pricegraph 306.

In another embodiment, system 100 uses an anticipatory retrievaltechnique that retrieves in advance a small cache of data points inanticipation of a stretch-to-expand or pinch-to-shrink gesture from theuser.

In one embodiment, the anticipatory retrieval technique requires system100 to monitor the user's location. The user's location may be based onany number of ways, such as detecting the pressure of a finger againstthe touch screen, the location of a cursor, or where the user is lookingthrough augmented reality spectacles. System 100 then corresponds theuser's location to a position on price graph 306, and then retrievesdata points within a pre-defined area surrounding the position. Thisretrieved data is stored locally and may be easily and quickly accessed.If the user performs a gesture, such as stretch-to-expand,pinch-to-shrink and/or scrolling, system 100 is able to transition intoan updated image of price graph 306 in a continuous manner, because itdoes not need to pause to retrieve the data.

In another embodiment, system 100 identifies a perimeter surroundingprice graph 306. The perimeter may include a beginning point and endpoint to price graph 306. In advance of receiving any request from theuser, system 100 retrieves a set of data points located outside theperimeter. In other words, system 100 anticipates that a user may wishto scroll beyond the displayed data. Again, because the data isretrieved in advance, the user experiences a seamless transition in thedisplayed image because system 100 does not need to pause to retrievethe data after the request.

In another embodiment, the anticipatory retrieval technique is triggeredupon the detection of a stretch-to-expand or pinch-to-shrink gesture.The detection of a stretch-to-expand or pinch-to-shrink gesture maytrigger system 100 to retrieve the data points that correspond to asubsequent stretch-to-expand or pinch-to-shrink gesture. In anotherembodiment, the anticipatory retrieval technique is not triggered untila quantity of stretch-to-expand or pinch-to-shrink gestures have beendetected. The quantity may be calculated within a period of time, suchas receiving two stretch-to-expand gestures within a 5-second interval.

Any of the techniques described above may be used individually or incombination to provide a seamless transition between each of thedetected scrolling, gestures or manipulations from the user.

FIG. 5 illustrates a screenshot of binary options interface 300 afterthe user has indicated a desire to trade an order. There are a number ofdifferent ways in which a user may cause order entry window 500 toappear on binary options interface 300. In one embodiment, order entrywindow 500 appears after the user taps on any region of graphicalsection 308. In another embodiment, order entry window 500 appears afterthe user taps on one of icons 348-356, which are located proximate toits corresponding strike lines 316-324. In yet another embodiment, orderentry window 500 appears after the user taps on one of market boxes326-344.

In one embodiment, order entry window 500 automatically populatesquantity input 502 and price input 504 with default settings. Thesedefault settings may be a quantity amount or price that is determined inadvance by any number of sources. In one embodiment, system 100determines the default quantity amount in advance. The current marketprice of the bid or offer is used for the price of the transaction. Forexample, as shown in FIG. 5, the default quantity amount is 10, and thedefault price is the market price.

In another embodiment, a user provides the default quantity amount. Theuser may select a settings icon, which opens a settings window. The userthen inputs a desired default quantity amount in the settings window.

In another embodiment, the default settings may be taken from theheadline bid or the headline offer for a specific strike level. Forexample, referring to FIG. 5, if the user taps on market box 330, thenentry window 500 may populate quantity input 502 with “100” and priceinput 504 with “62.” In yet another example, the user taps on icon 356and then indicates whether she wishes to buy or sell. Depending on herselection, order entry 500 populates with either the correspondingheadline bid or offer prices.

The user also may wish to change the default settings for quantity input502 and price input 504. In one embodiment, the user taps on quantityinput 502 or price input 504, which causes a keyboard to superimposeover binary options interface 300. Using the keyboard, the user can typein the desired quantity and price into their respective input boxes. Inanother embodiment, entry window 500 includes indicator buttons, such asup/down arrows, plus/minus, etc. The user taps on these indicatorbuttons to adjust the amount listed in quantity input 502 and priceinput 504. In yet another embodiment, the user can make global changesto the default settings.

In another embodiment, the default settings may be derived from aprevious transaction, so that if the user placed an order with aquantity of 2, then for the next order, order entry window willautomatically input a quantity of 2 as the default setting.

Once the user is satisfied with the quantity and price being listed inentry window 500, she may submit her order to system 100.

The user then indicates whether she wishes to purchase a call option(i.e., tap “Buy” button 508) or a put option (i.e. tap “Sell” button410). She then selects confirmation button 512, which cause confirmationwindow 600 (as shown in FIG. 6) to replace order entry window 500.

Confirmation window 600 displays information about the pendingtransaction, such as the type of instrument, the closing time, thestrike price, whether the order is a buy or sell order, the strikelevel, the desired quantity, the desired price, etc. If the user issatisfied with the information displayed in confirmation window 600, sheselects button 602 to place the order. If the user wishes to cancel outof confirmation window 600, she simply selects button 604. In oneembodiment, selecting button 604 returns the user to entry window 500.In another embodiment, selecting button 604 returns the user back tobinary options interface 300.

Likewise, if the user wishes to change any of the information listed inconfirmation window 600, she may selects button 606 to modify. Byselecting button 606, the user is returned to entry window 500, whereshe can change the desired quantity, desired price and whether shewishes for the order to be a “Buy” or a “Sell”. If the user wishes tomake any additional changes, such as changing the type of instrument,closing time and/or the strike level, then she can select cancel button514 on entry window 500, as shown in FIG. 5. By selecting cancel button514, she closes entry window 500 from binary options interface 300.

In another embodiment, the user may chose to streamline the transactionprocess by eliminating confirmation window 600. In one embodiment, theuser may indicate this preference in a settings option. In suchinstances where the user desires to bypass confirmation window 500, abuy or sell order is directly submitted to system 100, upon theselection of confirmation button 512 in entry window 500.

Referring back to FIG. 3, after an order is placed, it may appear in box358, which lists the open positions. Each entry in box 358 shows thequantity of contracts that have been purchased, the average price andthe corresponding strike level. In the example shown in FIG. 3, the userhas purchased 2 contracts at an average price of $64 each. Thesecontracts will be “in the money” if the index closes above the strikeprice of 1.3025. The user also has purchase 1 contract at an averageprice of $80 for strike price 1.3020. If a user purchases both a bid andan offer for the same strike level, system 100 computes the differenceand displays the remaining amount as a single entry in positions box358. In one embodiment, the open positions also appear as an icon undercorresponding strike level icons 348-356. In another embodiment, theopen positions appear as an icon on corresponding strike lines 316-324.

In one embodiment, the user may modify or cancel the entry by tappingdirectly on the entry in positions box 360. In doing so, open entrywindow 500 pops open (FIG. 5). The user may modify or cancel the entryfrom entry window 500.

In one embodiment, the user may tap on a strike level icon 3448-356 toenter a limit order that allows the user to enter the maximum price thatshe is willing to pay. If there is no immediate match available in themarket, these limit orders are displayed in box 360. These limit orderswill remain in box 360 until a match become available. At which point,the orders will move to box 358.

In one embodiment, binary options interface 300 also includes statusarea 362, which shows status changes and other important messages. Inone example, the message may alert the user that she is running low onmoney. In another example, the message notifies the user that an orderhas been completed.

FIG. 7 illustrates a screenshot of binary options interface 300. In oneembodiment, the user is greeted by an introductory page upon firstopening the binary options application. The introductory page includes aplurality of comment bubbles, which explain the functionality of variousportions of the binary options interface 300.

Alternative Technologies

It will be understood that the technologies described herein for making,using, or practicing various embodiments are but a subset of thepossible technologies that may be used for the same or similar purposes.The particular technologies described herein are not to be construed aslimiting. Rather, various embodiments contemplate alternate technologiesfor making, using, or practicing various embodiments.

Additional Embodiments

A. A method comprising: receiving, via a processor, a plurality of bidsand offers for a binary options instrument, in which each bid and offercomprises a quantity and a price; generating a subset of bids and offersfrom the plurality of received bids and offers; applying, via aprocessor, at least one rule to the subset of bids and offers togenerate a reduced subset of bids and offers; computing, via aprocessor, a binary options index from the reduced subset of bids andoffers; and receiving, from a remote device, a request for a binaryoptions transaction that is based on the computed binary options index,in which the remote device and the processor are in electroniccommunication over a network.

A.0. The method of claim A further comprising: transmitting the computedbinary options index to be displayed. A.1. The method of claim A, inwhich receiving the plurality of bids and offers comprises: receiving ata mobile device. A.2. The method of claim A, in which the mobile deviceis a tablet device. A.3. The method of claim A in which the binaryoptions instrument comprises a risk derivative that is subject to anaffirmative or negative answer. A.4. The method of claim A in which thebinary options instrument comprises at least one of: a financialinstrument, a S&P 500 index, an oil & gas index, a real estate index, afutures index.

A.5. The method of claim A further comprising: updating the pluralityreceived of bids and offers. A.5.1. The method of claim A.5., in whichthe updating the received plurality of bids and offers occurs at asampling rate. A.5.1.1. The method of claim A.5.1., in which thesampling rate comprises every half second.

A.6. The method of claim A further comprising: computing a weightedvalue for each bid and offer, in which the weight value comprises acombination of a price and a quantity of each bid and offer. A.6.1. Themethod of claim A.6., in which the at least one rule is applied againstthe weighted value of each bid or offer.

A.7. The method of claim A, in which the subset of bids and offerscomprises a portion of the plurality of bids and offers. A.8. The methodof claim A, in which the subset of bids and offers comprises all of thereceived bids and offers. A.9. The method of claim A, in whichgenerating the subset of bids and offers comprises: selecting a quantityof recently received bids and offers. A.9.1. The method of claim A.9.,in which the quantity of recently received bids and offers is 6. A.10.The method of claim A, in which generating the subset of bids and offerscomprises: selecting the bids and offers received within a period oftime.

A.11. The method of claim A, in which the applying the at least one ruleto the subset of bids and offers comprises: sorting the plurality ofbids and offers; and removing at least one of: a highest bid, a highestoffer, a lowest bid and a lowest offer. A.12. The method of claim A, inwhich applying the at least one rule to the subset of bids and offerscomprises: removing a bid or an offer that comprises a specific value.A.12. The method of claim A.12, in which the specific value isdetermined in advance of the binary options transaction. A.13. Themethod of claim A, in which applying the at least one rule to the subsetof bids and offers comprises: removing any bid or offers that fallwithin a specific window of values. A.14. The method of claim A, inwhich applying the at least one rule to the subset of bids and offerscomprises: removing a bid or an offer that the exceeds a threshold.A.14.1. The method of claim A.14., in which the threshold is a maximumprice threshold. A.14.2. The method of claim A.14., in which thethreshold is a maximum quantity threshold. A.14.3. The method of claimA.14., in which the threshold is determined in advance of the binaryoptions transaction. A.15. The method of claim A, in which applying theat least one rule to the subset of bids and offers comprises: removing abid or an offer that the fails to meet a threshold. A.15.1. The methodof claim A.15., in which the threshold is a minimum price threshold.A.15.2. The method of claim A.15., in which the threshold is a minimumquantity threshold. A.15.3. The method of claim A.15., in which thethreshold is determined in advance of the binary options transaction.A.16. The method of claim A, in which applying the at least one rule tothe subset of bids and offers comprises: removing a bid or an offer thatfalls outside a standard of deviation. A.16. The method of claim A.16.,in which the standard of deviation is determined in advance of thebinary options transaction.

A.17. The method of claim A further comprising: determining a patternfrom the plurality of received bids and offers; and deviating from thepattern. A.17.1. The method of claim A.17, in which the pattern is anorder position in which a bid or an offer is received; and removing anybids and offers with the order position. A.17.1. The method of claimA.17.1., in which the order position is determined by a random numbergenerator. A.17.2. The method of claim A.17, in which the pattern is aspecific value; and removing any bids and offers with the specificvalue. A.17.3. The method of claim A.17, in which the pattern is aspecific window of values; and removing any bids and offers havingvalues within the specific window of values. A.18. The method of claimA, in which applying the at least one rule to the plurality of bids andoffers comprises: randomly removing a bid or an offer. A.19. The methodof claim A further comprising: determining that a bid or an offer ispotentially manipulative; and transmitting an alert that the bid or theoffer that is potentially manipulative. A.20. The method of claim Afurther comprising: determining that a bid or an offer is potentiallymanipulative; determining a source that submitted the bid or the offerthat is potentially manipulative; and transmitting an alert regardingthe source. A.20.1. The method of claim A.20. further comprising:determining that the source has received a quantity of alerts thatexceeds a threshold; and automatically preventing the source fromsubmitted any more bids or offers. A.20.2. The method of claim A.20.further comprising: determining that the source has received a quantityof alerts that exceeds a threshold; and transmitting a message to asystem administrator.

A.21. An apparatus comprising: a processor; and a memory, in which thememory stores instructions which, when executed by the processor, directthe processor to: receive a plurality of bids and offers for a binaryoptions instrument, in which each bid and offer comprises a quantity anda price; generate a subset of bids and offers from the plurality ofreceived bids and offers; apply at least one rule to the subset of bidsand offers to generate a reduced subset of bids and offers; compute abinary options index from the reduced subset of bids and offers;transmit the computed binary options index to be displayed; and receivea request for a binary options transaction that is based on the computedbinary options index.

A.22. An article of manufacture comprising: a computer-readable mediumthat is non-transitory, in which the computer-readable medium storesinstructions which, when executed by a processor, direct the processorto: receive a plurality of bids and offers for a binary optionsinstrument, in which each bid and offer comprises a quantity and aprice; generate a subset of bids and offers from the plurality ofreceived bids and offers; apply at least one rule to the subset of bidsand offers to generate a reduced subset of bids and offers; compute abinary options index from the reduced subset of bids and offers;transmit the computed binary options index to be displayed; and receivea request for a binary options transaction that is based on the computedbinary options index.

B. A method comprising: receiving, via a processor, a plurality of bidsand offers for a binary options transaction, in which each bid and offercomprises a quantity and a price; applying, via a processor, at leastone rule to the plurality of received bids and offers; determining, viaa processor, that at least one of the plurality of bids and offers ispotentially manipulative; and transmitting to a remote device an alertthe at least one bid or offer that is potentially manipulative, in whichthe remote device and the processor are in electronic communication overa network. B1. The method of claim B in which applying the at least onerule to the plurality of received bids and offers comprises: determininga pattern from the plurality of received bids and offers; anddetermining any bids or offers that deviate from the pattern. B.1.1. Themethod of claim B.1. further comprises: removing any bids of offers thatdeviate from the pattern. B2. The method of claim B in which applyingthe at least one rule to the plurality of bids and offers comprises:determining that a bid or an offer that falls outside a standard ofdeviation. B.2.1. The method of claim B.2. further comprising: removingthe bid or the offer that falls outside the standard of deviation.

B3. The method of claim B in which applying the at least one rule to theplurality of bids and offers comprises: determining that a bid or anoffer exceeds a threshold amount. B.3.1. The method of claim B.3, inwhich the threshold amount is a maximum quantity amount. B.3.2. Themethod of claim B.3, in which the threshold amount is a maximum priceamount. B.3.3. The method of claim B.3, in which the threshold amount isa quantity amount and a price amount. B.3.4. The method of claim B.3.further comprising: removing any bids or offers that exceeds thethreshold amount. B.3.5. The method of claim B.3., in which thethreshold amount is determined in advance of receiving a binary optionstransaction. B4. The method of claim B in which applying the at leastone rule to the plurality of bids and offers comprises: determining thata bid or an offer fails to meet a threshold amount. B.4.1. The method ofclaim B.4, in which the threshold amount is a minimum quantity amount.B.4.2. The method of claim B.4, in which the threshold amount is aminimum price amount. B.4.3. The method of claim B.4, in which thethreshold amount is a quantity amount and a price amount. B.4.4. Themethod of claim B.4. further comprising: removing any bids or offersthat fails to meet the threshold amount. B.4.5. The method of claimB.4., in which the threshold amount is determined in advance ofreceiving a binary options transaction.

B.5. The method of claim B further comprises: determining a source ofthe bid or offer that is possibly manipulative. B.5.1. The method ofclaim B.5. further comprising: determining that the source has receiveda quantity of alerts that exceeds a threshold. B.5.1.1. The method ofclaim B.5.1. further comprising: automatically preventing the sourcefrom submitted any more bids or offers. B.5.1.2. The method of claimB.5.1. further comprising: transmitting a message about the quantity ofalerts received by the source to a system administrator.

B.6. The method of claim B, in which the binary options transaction isbased on a binary options instrument. B.6.1. The method of claim B inwhich the binary options instrument comprises a risk derivative that issubject to an affirmative or negative answer. B.6.2. The method of claimB in which the binary options instrument comprises at least one of: afinancial instrument, a S&P 500 index, an oil & gas index, a real estateindex, a futures index. B.7. The method of claim B further comprising:updating the received plurality of bids and offers. B.8. The method ofclaim B further comprising: selecting a subset of bids and offers fromthe plurality of bids and offers; and computing a binary options indexfrom the reduced subset of bids and offers. B.8.1. The method of claimB.9. further comprising: transmitting the computed binary options indexto be displayed. B.8.2. The method of claim B.8. further comprising:receiving a request for a binary options transaction that is based onthe computed binary options index.

B.9. An apparatus comprising: a processor; and a memory, in which thememory stores instructions which, when executed by the processor, directthe processor to: receive a plurality of bids and offers for a binaryoptions transaction, in which each bid and offer comprises a quantityand a price; apply at least one rule to the plurality of received bidsand offers; determine that at least one of the plurality of bids andoffers is potentially manipulative; and transmit an alert the at leastone bid or offer that is potentially manipulative.

B.10. An article of manufacture comprising: a computer-readable mediumthat is non-transitory, in which the computer-readable medium storesinstructions which, when executed by a processor, direct the processorto: receive a plurality of bids and offers for a binary optionstransaction, in which each bid and offer comprises a quantity and aprice; apply at least one rule to the plurality of received bids andoffers; determine that at least one of the plurality of bids and offersis potentially manipulative; and transmit an alert the at least one bidor offer that is potentially manipulative.

C. A method for providing seamless transitions between graphical imageson a binary options interface, the method comprising: receiving, via aprocessor, an user-input on a touch-sensitive display of the binaryoptions interface, in which the user-input corresponds to a request fora transformation of a graphical image that is displayed on the binaryoptions interface and in which the binary options interface isintegrated into a mobile device; generating, via the processor, inresponse to the user-input, an updated graphical image; displaying, viathe processor, the updated graphical image to replace the graphicalimage on the binary options interface, in which a transition from thegraphical image to the updated graphical image comprises a continuouslydisplayed image.

C.1. The method of claim C, in which the graphical image corresponds toa binary options index. C.2. The method of claim C, in which the mobiledevice is a tablet device.

C.3. The method of claim C, in which the transformation is a scalingtransformation. C.4. The method of claim C, in which the user-input is astretch-to-expand gesture. C.4.1. The method of claim C.4., in which thescaling transformation comprises zooming in on the graphical image.C.4.2. The method of claim C.4., in which the updated graphical image isan enlarged image of the graphical image. C.5. The method of claim C, inwhich the user-input is a pinch-to-shrink gesture. C.5.1. The method ofclaim C.5., in which the scaling transformation comprises zooming outfrom the graphical image. C.5.2. The method of claim C.5., in which theupdated graphical image is a reduced image of the graphical image.

C.6. The method of claim C, in which generating the updated graphicalimage further comprises: identifying at least two data points on thegraphical image; and generating a first graphical image by interpolatingthe at least two data points; displaying the first graphical image toreplace the graphical image on the binary options interface; retrievingactual data points that correspond to the requested scalingtransformation; and generating an updated graphical image to replace thefirst graphical image. C.6.1. The method of claim C.6. furthercomprising: displaying the updated graphical image to replace the firstgraphical image, which the updated graphical image is generated from theactual data points.

C.7. The method of claim C, in which generating the updated graphicalimage further comprises: in response to receiving an indication of atrigger, retrieving, in advance of receiving the request for thetransformation, data points that correspond to the updated graphicalimage. C.7.1. The method of C.7, in which the trigger comprises:detecting a finger pressure at a location on the touch-sensitivedisplay, in which the location corresponds to a position on thegraphical image; and retrieving the data points within an area of theposition, in which at least a portion of the data points within the areaof the position are used to generate the updated graphical image.C.7.1.1. The method of claim C.7.1., in which the area is defined inadvance of receiving the request for the transformation.

C.7.2. The method of C.7. in which the trigger comprises: detecting astretch-to-expand gesture. C.7.2.1. The method of claim C.7.2. furthercomprising: retrieving data points that correspond to a subsequentstretch-to-expand gesture, in which at least a portion of the datapoints are used to generate the updated graphical image. C.7.2.2. Themethod of claim C.7.2. further comprising: retrieving data points thatcorrespond to a subsequent pinch-to-shrink gesture, in which at least aportion of the data points are used to generate the updated graphicalimage. C.7.2.3. The method of claim C.7.2. further comprising:retrieving data points that correspond to a subsequent stretch-to-expandgesture and pinch-to-shrink gesture, in which at least a portion of thedata points are used to generate the updated graphical image. C.7.3. Themethod of C.7, in which the trigger comprises: detecting a quantity ofstretch-to-expand gestures; and retrieving data points that correspondto a subsequent stretch-to-expand gesture, in which at least a portionof the data points are used to generate the updated graphical image.C.7.4. The method of C.7, in which the trigger comprises: detecting apinch-to-shrink gesture. C.7.4.1. The method of claim C.7.4. furthercomprising: retrieving data points that correspond to a subsequentpinch-to-shrink gesture, in which at least a portion of the data pointsare used to generate the updated graphical image. C.7.4.2. The method ofclaim C.7.4 further comprising: retrieving data points that correspondto a subsequent stretch-to-expand gesture, in which at least a portionof the data points are used to generate the updated graphical image.C.7.4.3. The method of claim C.7.4 further comprising: retrieving datapoints that correspond to a subsequent pinch-to-shrink gesture andstretch-to-expand gesture, in which at least a portion of the datapoints are used to generate the updated graphical image. C.7.5. Themethod of C.7., in which the trigger comprises: detecting a quantitypinch-to-shrink gesture; and retrieving data points that correspond to asubsequent pinch-to-shrink gesture, in which at least a portion of thedata points are used to generate the updated graphical image. C.7.6. Themethod of C.7. in which the trigger comprises: detecting astretch-to-expand gesture or a pinch-to-shrink gesture. C.7.6.1. Themethod of claim C.7.6. further comprising: retrieving data points thatcorrespond to a subsequent stretch-to-expand gesture and pinch-to-shrinkgesture, in which at least a portion of the data points are used togenerate the updated graphical image.

C.8. The method of C, in which generating the updated graphical imagefurther comprises: detecting a perimeter of the graphical image;retrieving data points within an area of the perimeter, in which atleast a portion of the data points are used to generate the updatedgraphical image. C.9. The method of claim C, in which the user-input isa scrolling gesture. C.9.1. The method of C.9., in which generating theupdated graphical image further comprises: detecting a perimeter of thegraphical image; retrieving data points within an area outside theperimeter, in which at least a portion of data points are used togenerate the updated graphical image. C.9.2. The method of claim C.9.1.,in which the area is determined in advance of receiving the request forthe transformation.

C.10. An apparatus for providing seamless transitions between graphicalimages on a binary options interface, the apparatus comprising: aprocessor; and a memory, in which the memory stores instructions which,when executed by the processor, direct the processor to: receive anuser-input on a touch-sensitive display of the binary options interface,in which the user-input corresponds to a request for a transformation ofa graphical image that is displayed on the binary options interface andin which the binary options interface is integrated into a mobiledevice; generate, in response to the user-input, an updated graphicalimage; display the updated graphical image to replace the graphicalimage on the binary options interface, in which a transition from thegraphical image to the updated graphical image comprises a continuouslydisplayed image.

C.11. An article of manufacture for providing seamless transitionsbetween graphical images on a binary options interface, the article ofmanufacture comprising: a computer-readable medium that isnon-transitory, in which the computer-readable medium storesinstructions which, when executed by a processor, direct the processorto: receive an user-input on a touch-sensitive display of the binaryoptions interface, in which the user-input corresponds to a request fora transformation of a graphical image that is displayed on the binaryoptions interface and in which the binary options interface isintegrated into a mobile device; generate, in response to theuser-input, an updated graphical image; display the updated graphicalimage to replace the graphical image on the binary options interface, inwhich a transition from the graphical image to the updated graphicalimage comprises a continuously displayed image.

The following sections provide a guide to interpreting the presentapplication.

III. Terms

The term “product” means any machine, manufacture and/or composition ofmatter, unless expressly specified otherwise.

The term “product” means a machine, manufacture and/or composition ofmatter, unless expressly specified otherwise.

The term “process” means a process, algorithm, method or the like,unless expressly specified otherwise.

Each process (whether called a method, algorithm or otherwise)inherently includes one or more steps, and therefore all references to a“step” or “steps” of a process have an inherent antecedent basis in themere description of a process, or in the mere recitation of the term‘process’ or a like term. Accordingly, any reference in a claim to a‘step’ or ‘steps’ of a process has sufficient antecedent basis.

The term “invention” and the like mean “the one or more inventionsdisclosed in this application”, unless expressly specified otherwise.

The terms “an embodiment”, “embodiment”, “embodiments”, “theembodiment”, “the embodiments”, “one or more embodiments”, “someembodiments”, “certain embodiments”, “one embodiment”, “anotherembodiment” and the like mean “one or more (but not all) embodiments ofthe invention”, unless expressly specified otherwise.

The term “variation” of an invention means an embodiment of theinvention, unless expressly specified otherwise.

The term “indication” is used in an extremely broad sense. An“indication” of a thing should be understood to include anything thatmay be used to determine the thing.

An indication of a thing may include an electronic message thatidentifies the thing (e.g., an identification of a widget by a serialnumber affixed to the widget, an identification of a widget by one ormore characteristics of the widget). An indication of a thing mayinclude information that may be used to compute and/or look-up a thing(e.g., information identifying a machine of which a widget is a partthat may be used to determine the widget). An indication of a thing mayspecify things that are related to the thing (e.g., characteristics ofthe thing, a name of the thing, a name of a thing related to the thing).An indication of a thing may not specify things that are related to thething (e.g., a letter “a” may be an indication of a widget of a computersystem that is configured to interpret the letter “a” to identify thewidget). An indication of a thing may include a sign, a symptom, and/ora token of the thing. An indication, for example, may include a code, areference, an example, a link, a signal, and/or an identifier. Anindication of a thing may include information that represents,describes, and/or otherwise is associated with the thing.

A transformation of an indication of a thing may be an indication of thething (e.g., an encrypted indication of a thing may be an indication ofthe thing). An indication of a thing may include the thing itself, acopy of the thing, and/or a portion of the thing. An indication of athing may be meaningless to a thing that is not configured to understandthe indication (e.g., a person may not understand that a letter “a”indicates a widget but it may nonetheless be an indication of the widgetbecause the computer system may determine the widget from the letter“a”). It should be understood that the fact that an indication of athing may be used to determine the thing does not mean that the thing oranything else is determined. An indication of a thing may include anindication of any number of the thing unless specified otherwise. Anindication of a thing may include an indication of other things (e.g.,an electronic message that indicates may things). (Indication can beused as a very broad term in claim language. For example: receiving anindication of a financial instrument.)

The term “represent” means (1) to serve to express, designate, standfor, or denote, as a word, symbol, or the like does; (2) to express ordesignate by some term, character, symbol, or the like; (3) to portrayor depict or present the likeness of, as a picture does; or (4) to serveas a sign or symbol of.

A reference to “another embodiment” in describing an embodiment does notimply that the referenced embodiment is mutually exclusive with anotherembodiment (e.g., an embodiment described before the referencedembodiment), unless expressly specified otherwise. Similarly, the merefact that two (or more) embodiments are referenced does not imply thatthose embodiments are mutually exclusive.

One embodiment of the invention may include or cover or embrace morethan one other embodiment of the invention. For example, a firstembodiment comprising elements a, b, and c may cover a second embodimentthat comprises elements a, b, c, and d as well as a third embodimentcovering elements a, b, c, and e. Similarly, each of the first, second,and third embodiments may cover a fourth embodiment comprising elementsa, b, c, d, and e.

The terms “including”, “comprising” and variations thereof mean“including but not necessarily limited to”, unless expressly specifiedotherwise. Thus, for example, the sentence “the machine includes a redwidget and a blue widget” means the machine includes the red widget andthe blue widget, but may possibly include one or more other items aswell.

The term “consisting of” and variations thereof mean “including and alsolimited to”, unless expressly specified otherwise. Thus, for example,the sentence “the machine consists of a red widget and a blue widget”means the machine includes the red widget and the blue widget, but doesnot include anything else.

The term “compose” and variations thereof mean “to make up theconstituent parts of, component of or member of”, unless expresslyspecified otherwise. Thus, for example, the sentence “the red widget andthe blue widget compose a machine” means the machine includes the redwidget and the blue widget.

The term “exclusively compose” and variations thereof mean “to make upexclusively the constituent parts of, to be the only components of, orto be the only members of”, unless expressly specified otherwise. Thus,for example, the sentence “the red widget and the blue widgetexclusively compose a machine” means the machine consists of the redwidget and the blue widget (i.e. and nothing else).

The terms “a”, “an” and “the” refer to “one or more”, unless expresslyspecified otherwise. Thus, for example, the phrase “a widget” means oneor more widgets, unless expressly specified otherwise. Similarly, afterreciting the phrase “a widget”, a subsequent recitation of the phrase“the widget” means “the one or more widgets”. Accordingly, it should beunderstood that the word “the” may also refer to a specific term havingantecedent basis. For example, if a paragraph mentions “a specificsingle feature” and then refers to “the feature,” then the phrase “thefeature” should be understood to refer to the previously mentioned “aspecific single feature.” (It should be understood that the term “a” in“a specific single feature” refers to “one” specific single feature andnot “one or more” specific single features.)

The term “plurality” means “two or more”, unless expressly specifiedotherwise.

The term “herein” means “in the present application, including anythingwhich may be incorporated by reference”, unless expressly specifiedotherwise.

The phrase “at least one of”, when such phrase modifies a plurality ofthings (such as an enumerated list of things), means any combination ofone or more of those things, unless expressly specified otherwise. Forexample, the phrase “at least one of a widget, a car and a wheel” meanseither (i) a widget, (ii) a car, (iii) a wheel, (iv) a widget and a car,(v) a widget and a wheel, (vi) a car and a wheel, or (vii) a widget, acar and a wheel. The phrase “at least one of”, when such phrase modifiesa plurality of things does not mean “one of each of” the plurality ofthings. For example, the phrase “at least one of a widget, a car and awheel” does not mean “one widget, one car and one wheel”.

Numerical terms such as “one”, “two”, etc. when used as cardinal numbersto indicate quantity of something (e.g., one widget, two widgets), meanthe quantity indicated by that numerical term, but do not mean at leastthe quantity indicated by that numerical term. For example, the phrase“one widget” does not mean “at least one widget”, and therefore thephrase “one widget” does not cover, e.g., two widgets.

The phrase “based on” does not mean “based only on”, unless expresslyspecified otherwise. In other words, the phrase “based on” covers both“based only on” and “based at least on”. The phrase “based at least on”is equivalent to the phrase “based at least in part on”. For example,the phrase “element A is calculated based on element B and element C”covers embodiments where element A is calculated as the product of Btimes C (in other words, A=B×C), embodiments where A is calculated asthe sum of B plus C (in other words, A=B+C), embodiments where A iscalculated as a product of B times C times D, embodiments where A iscalculated as a sum of the square root of B plus C plus D times E, andso on.

The term “represent” and like terms are not exclusive, unless expresslyspecified otherwise. For example, the term “represents” does not mean“represents only”, unless expressly specified otherwise. For example,the phrase “the data represents a credit card number” covers both “thedata represents only a credit card number” and “the data represents acredit card number and the data also represents something else”.

The term “whereby” is used herein only to precede a clause or other setof words that express only the intended result, objective or consequenceof something that is explicitly recited before the term “whereby”. Thus,when the term “whereby” is used in a claim, the clause or other wordsthat the term “whereby” modifies do not establish specific furtherlimitations of the claim or otherwise restrict the meaning or scope ofthe claim.

The terms “e.g”, “such as” and like terms mean “for example”, and thusdo not limit the term or phrase they explain. For example, in thesentence “the computer sends data (e.g., instructions, a data structure)over the Internet”, the term “e.g.” explains that “instructions” are anexample of “data” that the computer may send over the Internet, and alsoexplains that “a data structure” is an example of “data” that thecomputer may send over the Internet. However, both “instructions” and “adata structure” are merely examples of “data”, and other things besides“instructions” and “a data structure” can be “data”.

The term “respective” and like terms mean “taken individually”. Thus iftwo or more things have “respective” characteristics, then each suchthing has its own characteristic, and these characteristics can bedifferent from each other but need not be. For example, the phrase “eachof two machines has a respective function” means that the first of thetwo machines has a function and the second of the two machines has afunction as well. The function of the first machine may or may not bethe same as the function of the second machine.

The term “i.e.” and like terms mean “that is”, and thus limits the termor phrase it explains. For example, in the sentence “the computer sendsdata (i.e., instructions) over the Internet”, the term “i.e.” explainsthat “instructions” are the “data” that the computer sends over theInternet.

A numerical range includes integers and non-integers in the range,unless expressly specified otherwise. For example, the range “1 to 10”includes the integers from 1 to 10 (e.g., 1, 2, 3, 4, . . . 9, 10) andnon-integers (e.g., 1.0031415926, 1.1, 1.2, . . . 1.9).

Where two or more terms or phrases are synonymous (e.g., because of anexplicit statement that the terms or phrases are synonymous), instancesof one such term or phrase does not mean instances of another such termor phrase must have a different meaning. For example, where a statementrenders the meaning of “including” to be synonymous with “including butnot limited to”, the mere usage of the phrase “including but not limitedto” does not mean that the term “including” means something other than“including but not limited to”.

IV. Determining

The term “determining” and grammatical variants thereof (e.g., todetermine a price, determining a value, the determination of an objectwhich meets a certain criterion) is used in an extremely broad sense.The term “determining” encompasses a wide variety of actions andtherefore “determining” can include calculating, computing, processing,deriving, investigating, looking up (e.g., looking up in a table, adatabase or another data structure), rendering into electronic format ordigital representation, ascertaining and the like. Also, “determining”can include receiving (e.g., receiving information), accessing (e.g.,accessing data in a memory) and the like. Also, “determining” caninclude resolving, selecting, choosing, establishing, and the like.

The term “determining” does not imply certainty or absolute precision,and therefore “determining” can include estimating, extrapolating,predicting, guessing, averaging and the like.

The term “determining” does not imply that mathematical processing mustbe performed, and does not imply that numerical methods must be used,and does not imply that an algorithm is used.

The term “determining” does not imply that any particular device must beused. For example, a computer need not necessarily perform thedetermining.

The term “determining” may include “calculating”. The term “calculating”should be understood to include performing one or more calculations.Calculating may include computing, processing, and/or deriving.Calculating may be performed by a computing device. For example,calculating a thing may include applying an algorithm to data by acomputer processor and generating the thing as an output of theprocessor.

The term “determining” may include “referencing”. The term “referencing”should be understood to include making one or more reference, e.g., to athing. Referencing may include querying, accessing, selecting, choosing,reading, and/or looking-up. The act of referencing may be performed by acomputing device. For example, referencing a thing may include reading amemory location in which the thing is stored by a processor.

The term “determining” may include “receiving”. For example, receiving athing may include taking in the thing. In some embodiments, receivingmay include acts performed to take in a thing, such as operating anetwork interface through which the thing is taken in. In someembodiments, receiving may be performed without acts performed to takein the thing, such as in a direct memory write or a hard wired circuit.Receiving a thing may include receiving a thing from a remote sourcethat may have calculated the thing.

V. Forms of Sentences

Where a limitation of a first claim would cover one of a feature as wellas more than one of a feature (e.g., a limitation such as “at least onewidget” covers one widget as well as more than one widget), and where ina second claim that depends on the first claim, the second claim uses adefinite article “the” to refer to that limitation (e.g., “the widget”),this mere usage does not imply that the first claim covers only one ofthe feature, and this does not imply that the second claim covers onlyone of the feature (e.g., “the widget” can cover both one widget andmore than one widget).

When an ordinal number (such as “first”, “second”, “third” and so on) isused as an adjective before a term, that ordinal number is used (unlessexpressly specified otherwise) merely to indicate a particular feature,such as to distinguish that particular feature from another feature thatis described by the same term or by a similar term, but that ordinalnumber does not have any other meaning or limiting effect—it is merely aconvenient name. For example, a “first widget” may be so named merely todistinguish it from, e.g., a “second widget”. Thus, the mere usage ofthe ordinal numbers “first” and “second” before the term “widget” doesnot indicate any other relationship between the two widgets, andlikewise does not indicate any other characteristics of either or bothwidgets. For example, the mere usage of the ordinal numbers “first” and“second” before the term “widget” (1) does not indicate that eitherwidget comes before or after any other in order or location; (2) doesnot indicate that either widget occurs or acts before or after any otherin time; and (3) does not indicate that either widget ranks above orbelow any other, as in importance or quality. The mere usage of ordinalnumbers does not define a numerical limit to the features identifiedwith the ordinal numbers. For example, the mere usage of the ordinalnumbers “first” and “second” before the term “widget” does not indicatethat there are exactly two widgets.

When a single device, article or other product is described herein, inanother embodiment more than one device or article (whether or not theycooperate) may alternatively be used in place of the single device orarticle that is described. Accordingly, the functionality that isdescribed as being possessed by a device may alternatively be possessedby more than one device or article (whether or not they cooperate) inanother embodiment.

Similarly, where more than one device, article or other product isdescribed herein (whether or not they cooperate), in another embodimenta single device or article may alternatively be used in place of themore than one device or article that is described. For example, aplurality of computer-based devices may be substituted with a singlecomputer-based device. In some embodiments, such a plurality ofcomputer-based devices may operate together to perform one step of aprocess such as is common in grid computing systems. In someembodiments, such a plurality of computer-based devices may operateprovide added functionality to one another so that the plurality mayoperate to perform one step of a process such as is common in cloudcomputing systems. (Conversely, a single computer-based device may besubstituted with multiple computer-based devices operating incooperation with one another. For example, a single computing device maybe substituted with a server and a workstation in communication with oneanother over the internet) Accordingly, the various functionality thatis described as being possessed by more than one device or article mayalternatively be possessed by a single device or article.

The functionality and/or the features of a single device that isdescribed may, in another embodiment, be alternatively embodied by oneor more other devices which are described but are not explicitlydescribed as having such functionality or features. Thus, otherembodiments need not include the described device itself, but rather caninclude the one or more other devices which would, in those otherembodiments, have such functionality or features.

VI. Disclosed Examples and Terminology are not Limiting

Neither the Title (set forth at the beginning of the first page of thepresent application) nor the Abstract (set forth at the end of thepresent application) is to be taken as limiting in any way the scope ofthe disclosed invention, is to be used in interpreting the meaning ofany claim or is to be used in limiting the scope of any claim. AnAbstract has been included in this application merely because anAbstract is required under 37 C.F.R. § 1.72(b).

The headings of sections provided in the present application are forconvenience only, and are not to be taken as limiting the disclosure inany way.

Numerous embodiments are described in the present application, and arepresented for illustrative purposes only. The described embodiments arenot, and are not intended to be, limiting in any sense. The disclosedinvention is widely applicable to numerous embodiments, as is readilyapparent from the disclosure. One of ordinary skill in the art willrecognize that the disclosed invention may be practiced with variousmodifications and alterations, such as structural, logical, software,and electrical modifications. Although particular features of thedisclosed invention may be described with reference to one or moreparticular embodiments and/or drawings, it should be understood thatsuch features are not limited to usage in the one or more particularembodiments or drawings with reference to which they are described,unless expressly specified otherwise.

Though an embodiment may be disclosed as including several features,other embodiments of the invention may include fewer than all suchfeatures. Thus, for example, a claim may be directed to less than theentire set of features in a disclosed embodiment, and such claim wouldnot be interpreted as requiring features beyond those features that theclaim expressly recites.

No embodiment of method steps or product elements described in thepresent application constitutes the invention claimed herein, or isessential to the invention claimed herein, or is coextensive with theinvention claimed herein, except where it is either expressly stated tobe so in this specification or (with respect to a claim and theinvention defined by that claim) expressly recited in that claim.

Any preambles of the claims that recite anything other than a statutoryclass shall be interpreted to recite purposes, benefits and possibleuses of the claimed invention, and such preambles shall not be construedto limit the claimed invention.

The present disclosure is not a literal description of all embodimentsof the invention. Also, the present disclosure is not a listing offeatures of the invention which must be present in all embodiments.

All disclosed embodiments are not necessarily covered by the claims(even including all pending, amended, issued and canceled claims). Inaddition, a disclosed embodiment may be (but need not necessarily be)covered by several claims. Accordingly, where a claim (regardless ofwhether pending, amended, issued or canceled) is directed to aparticular embodiment, such is not evidence that the scope of otherclaims do not also cover that embodiment.

Devices that are described as in communication with each other need notbe in continuous communication with each other, unless expresslyspecified otherwise. On the contrary, such devices need only transmit toeach other as necessary or desirable, and may actually refrain fromexchanging data most of the time. For example, a machine incommunication with another machine via the Internet may not transmitdata to the other machine for long period of time (e.g. weeks at atime). In addition, devices that are in communication with each othermay communicate directly or indirectly through one or moreintermediaries. Devices are in communication with one another if theyare capable of at least one-way communication with one another. Forexample, a first device is in communication with a second device if thefirst device is capable of transmitting information to the seconddevice. Similarly, the second device is in communication with the firstdevice if the second device is capable of receiving information from thefirst device.

A description of an embodiment with several components or features doesnot imply that all or even any of such components or features arerequired. On the contrary, a variety of optional components aredescribed to illustrate the wide variety of possible embodiments of thepresent invention. Unless otherwise specified explicitly, no componentor feature is essential or required.

Although process steps, algorithms or the like may be described orclaimed in a particular sequential order, such processes may beconfigured to work in different orders. In other words, any sequence ororder of steps that may be explicitly described or claimed does notnecessarily indicate a requirement that the steps be performed in thatorder. The steps of processes described herein may be performed in anyorder possible. Further, some steps may be performed simultaneouslydespite being described or implied as occurring non-simultaneously(e.g., because one step is described after the other step). Moreover,the illustration of a process by its depiction in a drawing does notimply that the illustrated process is exclusive of other variations andmodifications thereto, does not imply that the illustrated process orany of its steps are necessary to the invention, and does not imply thatthe illustrated process is preferred.

Although a process may be described as including a plurality of steps,that does not imply that all or any of the steps are preferred,essential or required. Various other embodiments within the scope of thedescribed invention include other processes that omit some or all of thedescribed steps. Unless otherwise specified explicitly, no step isessential or required.

Although a process may be described singly or without reference to otherproducts or methods, in an embodiment the process may interact withother products or methods. For example, such interaction may includelinking one business model to another business model. Such interactionmay be provided to enhance the flexibility or desirability of theprocess.

Although a product may be described as including a plurality ofcomponents, aspects, qualities, characteristics and/or features, thatdoes not indicate that any or all of the plurality are preferred,essential or required. Various other embodiments within the scope of thedescribed invention include other products that omit some or all of thedescribed plurality.

An enumerated list of items (which may or may not be numbered) does notimply that any or all of the items are mutually exclusive, unlessexpressly specified otherwise. Likewise, an enumerated list of items(which may or may not be numbered) does not imply that any or all of theitems are comprehensive of any category, unless expressly specifiedotherwise. For example, the enumerated list “a computer, a laptop, and aPDA” does not imply that any or all of the three items of that list aremutually exclusive and does not imply that any or all of the three itemsof that list are comprehensive of any category.

An enumerated list of items (which may or may not be numbered) does notimply that any or all of the items are equivalent to each other orreadily substituted for each other.

All embodiments are illustrative, and do not imply that the invention orany embodiments were made or performed, as the case may be.

VII. Computing

It will be readily apparent to one of ordinary skill in the art that thevarious processes described herein may be implemented by, e.g.,appropriately programmed general purpose computers, special purposecomputers and computing devices. Typically a processor (e.g., one ormore microprocessors, one or more microcontrollers, one or more digitalsignal processors) will receive instructions (e.g., from a memory orlike device), and execute those instructions, thereby performing one ormore processes defined by those instructions. Instructions may beembodied in, e.g., one or more computer programs, one or more scripts.

The term “compute” shall mean to determine using a processor inaccordance with a software algorithm.

A “processor” means one or more microprocessors, central processingunits (CPUs), computing devices, microcontrollers, digital signalprocessors, graphics processing units (GPUs) or like devices or anycombination thereof, regardless of the architecture (e.g., chip-levelmultiprocessing or multi-core, RISC, CISC, Microprocessor withoutInterlocked Pipeline Stages, pipelining configuration, simultaneousmultithreading, microprocessor with integrated graphics processing unit,GPGPU).

A “computing device” means one or more microprocessors, centralprocessing units (CPUs), computing devices, microcontrollers, digitalsignal processors, graphics card, mobile gaming device, or like devicesor any combination thereof, regardless of the architecture (e.g.,chip-level multiprocessing or multi-core, RISC, CISC, Microprocessorwithout Interlocked Pipeline Stages, pipelining configuration,simultaneous multithreading).

Thus a description of a process is likewise a description of anapparatus for performing the process. The apparatus that performs theprocess can include, e.g., a processor and those input devices andoutput devices that are appropriate to perform the process. For example,a description of a process is a description of an apparatus comprising aprocessor and memory that stores a program comprising instructions that,when executed by the processor, direct the processor to perform themethod.

The apparatus that performs the process can include a plurality ofcomputing devices that work together to perform the process. Some of thecomputing devices may work together to perform each step of a process,may work on separate steps of a process, may provide underlying servicesthat other computing devices that may facilitate the performance of theprocess. Such computing devices may act under instruction of acentralized authority. In another embodiment, such computing devices mayact without instruction of a centralized authority. Some examples ofapparatus that may operate in some or all of these ways may include gridcomputer systems, cloud computer systems, peer-to-peer computer systems,computer systems configured to provide software as a service, and so on.For example, the apparatus may comprise a computer system that executesthe bulk of its processing load on a remote server but outputs displayinformation to and receives user input information from a local usercomputer, such as a computer system that executes VMware software.

Further, programs that implement such methods (as well as other types ofdata) may be stored and transmitted using a variety of media (e.g.,computer readable media) in a number of manners. In some embodiments,hard-wired circuitry or custom hardware may be used in place of, or incombination with, some or all of the software instructions that canimplement the processes of various embodiments. Thus, variouscombinations of hardware and software may be used instead of softwareonly.

The term “computer-readable medium” refers to any medium, a plurality ofthe same, or a combination of different media, that participate inproviding data (e.g., instructions, data structures) which may be readby a computer, a processor or a like device. Such a medium may take manyforms, including but not limited to, non-volatile media, volatile media,and transmission media. Non-volatile media include, for example, opticalor magnetic disks and other persistent memory. Volatile media includedynamic random access memory (DRAM), which typically constitutes themain memory. Transmission media include coaxial cables, copper wire andfiber optics, including the wires that comprise a system bus coupled tothe processor. Transmission media may include or convey acoustic waves,light waves and electromagnetic emissions, such as those generatedduring radio frequency (RF) and infrared (IR) data communications.Common forms of computer-readable media include, for example, a floppydisk, a flexible disk, hard disk, magnetic tape, any other magneticmedium, a CD-ROM, DVD, any other optical medium, punch cards, papertape, any other physical medium with patterns of holes, a RAM, a PROM,an EPROM, a FLASH-EEPROM, any other memory chip or cartridge, a carrierwave as described hereinafter, or any other medium from which a computercan read.

The term “tangible computer-readable medium” refers to a“computer-readable medium” that comprises a hardware component, such asoptical or magnetic disks.

Various forms of computer readable media may be involved in carryingdata (e.g. sequences of instructions) to a processor. For example, datamay be (i) delivered from RAM to a processor; (ii) carried over awireless transmission medium; (iii) formatted and/or transmittedaccording to numerous formats, standards or protocols, such as Ethernet(or IEEE 802.3), wireless local area network communication defined bythe IEEE 802.11 specifications whether or not they are approved by theWiFi Alliance, SAP, ATP, Bluetooth™, and TCP/IP, TDMA, CDMA, and 3G;and/or (iv) encrypted to ensure privacy or prevent fraud in any of avariety of ways well known in the art.

The term “database” refers to any electronically-stored collection ofdata that is stored in a retrievable format.

The term “data structure” refers to a database in a hardware machinesuch as a computer.

The term “network” means a series of points or nodes interconnected bycommunication paths. For example, a network can include a plurality ofcomputers or communication devices interconnected by one or more wiredand/or wireless communication paths. Networks can interconnect withother networks and contain subnetworks.

The term “predetermined” means determined beforehand, e.g., before apresent time or a present action. For example, the phrase “displaying apredetermined value” means displaying a value that was determined beforethe act of displaying.

The term “condition” means (1) a premise upon which the fulfillment ofan agreement depends, or (2) something essential to the appearance oroccurrence of something else.

The term “transaction” means (1) an exchange or transfer of goods,services, or funds, or (2) a communicative action or activity involvingtwo parties or things that reciprocally affect or influence each other.

Thus a description of a process is likewise a description of acomputer-readable medium storing a program for performing the process.The computer-readable medium can store (in any appropriate format) thoseprogram elements which are appropriate to perform the method. Forexample, a description of a process is a description of acomputer-readable storage medium that stores a program comprisinginstructions that, when executed by a processor, direct the processor toperform the method.

Just as the description of various steps in a process does not indicatethat all the described steps are required, embodiments of an apparatusinclude a computer or computing device operable to perform some (but notnecessarily all) of the described process.

Likewise, just as the description of various steps in a process does notindicate that all the described steps are required, embodiments of acomputer-readable medium storing a program or data structure include acomputer-readable medium storing a program that, when executed, cancause a processor to perform some (but not necessarily all) of thedescribed process.

Where databases are described, it will be understood by one of ordinaryskill in the art that (i) alternative database structures to thosedescribed may be readily employed, and (ii) other memory structuresbesides databases may be readily employed. Any illustrations ordescriptions of any sample databases presented herein are illustrativearrangements for stored representations of information. Any number ofother arrangements may be employed besides those suggested by, e.g.,tables illustrated in drawings or elsewhere. Similarly, any illustratedentries of the databases represent exemplary information only; one ofordinary skill in the art will understand that the number and content ofthe entries can be different from those described herein. Further,despite any depiction of the databases as tables, other formats(including relational databases, object-based models and/or distributeddatabases) could be used to store and manipulate the data typesdescribed herein. Likewise, object methods or behaviors of a databasecan be used to implement various processes, such as the describedherein. In addition, the databases may, in a known manner, be storedlocally or remotely from a device which accesses data in such adatabase.

Various embodiments can be configured to work in a network environmentincluding a computer that is in communication (e.g., via acommunications network) with one or more devices. The computer maycommunicate with the devices directly or indirectly, via any wired orwireless medium (e.g. the Internet, LAN, WAN or Ethernet, Token Ring, atelephone line, a cable line, a radio channel, an optical communicationsline, commercial on-line service providers, bulletin board systems, asatellite communications link, a combination of any of the above). Eachof the devices may themselves comprise computers or other computingdevices, such as those based on the Intel®, Pentium®, or Centrino™,Atom™ or Core™ processor, that are adapted to communicate with thecomputer. Any number and type of devices may be in communication withthe computer.

In an embodiment, a server computer or centralized authority may not benecessary or desirable. For example, the present invention may, in anembodiment, be practiced on one or more devices without a centralauthority. In such an embodiment, any functions described herein asperformed by the server computer or data described as stored on theserver computer may instead be performed by or stored on one or moresuch devices.

Where a process is described, in an embodiment the process may operatewithout any user intervention. In another embodiment, the processincludes some human intervention (e.g., a step is performed by or withthe assistance of a human).

As used herein, the term “encryption” refers to a process for obscuringor hiding information so that the information is not readilyunderstandable without special knowledge. The process of encryption maytransform raw information, called plaintext, into encrypted information.The encrypted information may be called ciphertext, and the algorithmfor transforming the plaintext into ciphertext may be referred to as acipher. A cipher may also be used for performing the reverse operationof converting the ciphertext back into plaintext. Examples of ciphersinclude substitution ciphers, transposition ciphers, and ciphersimplemented using rotor machines.

In various encryption methods, ciphers may require a supplementary pieceof information called a key. A key may consist, for example, of a stringof bits. A key may be used in conjunction with a cipher to encryptplaintext. A key may also be used in conjunction with a cipher todecrypt ciphertext. In a category of ciphers called symmetric keyalgorithms (e.g., private-key cryptography), the same key is used forboth encryption and decryption. The sanctity of the encryptedinformation may thus depend on the key being kept secret. Examples ofsymmetric key algorithms are DES and AES. In a category of cipherscalled asymmetric key algorithms (e.g., public-key cryptography),different keys are used for encryption and decryption. With anasymmetric key algorithm, any member of the public may use a first key(e.g., a public key) to encrypt plaintext into ciphertext. However, onlythe holder of a second key (e.g., the private key) will be able todecrypt the ciphertext back in to plaintext. An example of an asymmetrickey algorithm is the RSA algorithm.

VIII. Continuing Applications

The present disclosure provides, to one of ordinary skill in the art, anenabling description of several embodiments and/or inventions. Some ofthese embodiments and/or inventions may not be claimed in the presentapplication, but may nevertheless be claimed in one or more continuingapplications that claim the benefit of priority of the presentapplication.

Applicants intend to file additional applications to pursue patents forsubject matter that has been disclosed and enabled but not claimed inthe present application.

IX. 35 U.S.C. § 112, Paragraph 6

In a claim, a limitation of the claim which includes the phrase “meansfor” or the phrase “step for” means that 35 U.S.C. § 112, paragraph 6,applies to that limitation.

In a claim, a limitation of the claim which does not include the phrase“means for” or the phrase “step for” means that 35 U.S.C. § 112,paragraph 6 does not apply to that limitation, regardless of whetherthat limitation recites a function without recitation of structure,material or acts for performing that function. For example, in a claim,the mere use of the phrase “step of” or the phrase “steps of” inreferring to one or more steps of the claim or of another claim does notmean that 35 U.S.C. § 112, paragraph 6, applies to that step(s).

With respect to a means or a step for performing a specified function inaccordance with 35 U.S.C. § 112, paragraph 6, the correspondingstructure, material or acts described in the specification, andequivalents thereof, may perform additional functions as well as thespecified function.

Computers, processors, computing devices and like products arestructures that can perform a wide variety of functions. Such productscan be operable to perform a specified function by executing one or moreprograms, such as a program stored in a memory device of that product orin a memory device which that product accesses. Unless expresslyspecified otherwise, such a program need not be based on any particularalgorithm, such as any particular algorithm that might be disclosed inthe present application. It is well known to one of ordinary skill inthe art that a specified function may be implemented via differentalgorithms, and any of a number of different algorithms would be a meredesign choice for carrying out the specified function.

Therefore, with respect to a means or a step for performing a specifiedfunction in accordance with 35 U.S.C. § 112, paragraph 6, structurecorresponding to a specified function includes any product programmed toperform the specified function. Such structure includes programmedproducts which perform the function, regardless of whether such productis programmed with (i) a disclosed algorithm for performing thefunction, (ii) an algorithm that is similar to a disclosed algorithm, or(iii) a different algorithm for performing the function.

Where there is recited a means for performing a function that is amethod, one structure for performing this method includes a computingdevice (e.g., a general purpose computer) that is programmed and/orconfigured with appropriate hardware to perform that function.

Also included is a computing device (e.g., a general purpose computer)that is programmed and/or configured with appropriate hardware toperform that function via other algorithms as would be understood by oneof ordinary skill in the art.

X. Disclaimer

Numerous references to a particular embodiment do not indicate adisclaimer or disavowal of additional, different embodiments, andsimilarly references to the description of embodiments which all includea particular feature do not indicate a disclaimer or disavowal ofembodiments which do not include that particular feature. A cleardisclaimer or disavowal in the present application will be prefaced bythe phrase “does not include” or by the phrase “cannot perform”.

XI. Incorporation By Reference

Any patent, patent application or other document referred to herein isincorporated by reference into this patent application as part of thepresent disclosure, but only for purposes of written description andenablement in accordance with 35 U.S.C. § 112, paragraph 1, and shouldin no way be used to limit, define, or otherwise construe any term ofthe present application, unless without such incorporation by reference,no ordinary meaning would have been ascertainable by a person ofordinary skill in the art. Such person of ordinary skill in the art neednot have been in any way limited by any embodiments provided in thereference. Conversely, the definitions provided in this applicationshould not be used to limit, define, or otherwise construe any term ofany document incorporated herein by reference. The definitions set forthexplicitly in this application are controlling notwithstanding thedescription of particular embodiments that may be incompatible with thedefinition(s).

Any incorporation by reference does not, in and of itself, imply anyendorsement of, ratification of or acquiescence in any statements,opinions, arguments or characterizations contained in any incorporatedpatent, patent application or other document, unless explicitlyspecified otherwise in this patent application.

XII. Prosecution History

In interpreting the present application (which includes the claims), oneof ordinary skill in the art shall refer to the prosecution history ofthe present application, but not to the prosecution history of any otherpatent or patent application, regardless of whether there are otherpatent applications that are considered related to the presentapplication, and regardless of whether there are other patentapplications that share a claim of priority with the presentapplication.

XIII. Alternative Technologies

It will be understood that the technologies described herein for making,using, or practicing various embodiments are but a subset of thepossible technologies that may be used for the same or similar purposes.The particular technologies described herein are not to be construed aslimiting. Rather, various embodiments contemplate alternate technologiesfor making, using, or practicing various embodiments.

Modifications, additions, or omissions may be made to the method withoutdeparting from the scope of the invention. The method may include more,fewer, or other steps. Additionally, steps may be performed in anysuitable order without departing from the scope of the invention.

While this disclosure has been described in terms of certain embodimentsand generally associated methods, alterations and permutations of theembodiments and methods will be apparent to those skilled in the art.Accordingly, the above description of example embodiments does notconstrain this disclosure. Other changes, substitutions, and alterationsare also possible without departing from the spirit and scope of thisdisclosure, as defined by the claims herein.

The invention claimed is:
 1. A method for facilitating electronictrading over a network with interfaces of computing devices, the methodcomprising: receiving, via a processor of a computing device, datarepresenting a plurality of bids and offers for a binary optionsinstrument, in which each bid and offer comprises a quantity and aprice; generating, via the processor of the computing device, datarepresenting a subset of bids and offers from the plurality of receivedbids and offers; applying, via the processor of the computing device,data representing at least one rule to the subset of bids and offers togenerate a reduced subset of bids and offers; computing, via theprocessor of the computing device, data representing a binary optionsindex from the reduced subset of bids and offers; generating, via theprocessor of the computing device, at a graphical user interface of aremote computing device, a first display window of the graphical userinterface that displays data representing the binary options index;receiving, via the processor of the computing device, from the graphicaluser interface of the remote computing device, data representing arequest for a binary options transaction that is based on the computedbinary options index, in which the remote computing device and theprocessor of the computing device are in electronic communication over anetwork; in response to receiving the request for a binary optionstransaction that is based on the computed binary options index,generating, via the processor of the computing device, at the graphicaluser interface of the remote computing device, a second display windowthat overlays the first display window of the graphical user interface,wherein the second display windows is populated with data representing adefault price value and a default quantity value for an electronic tradeassociated with an order in connection with the computer binary optionsindex; determining, via the processor of the computing device, whetherat least one of the bids and offers is a manipulative bid, in which themanipulative bid meets a price threshold; detecting, via the processorof the computing device, input related to a user gesture in associationwith a position of the graphical user interface associated with themanipulative bid; and retrieving, via the processor of the computingdevice, data points associated with an area associated with the positionin response to the user gesture.
 2. The method of claim 1, in whichreceiving the plurality of bids and offers further comprises: receivingthe plurality of bids and offers on a handheld mobile device.
 3. Themethod of claim 1 in which the binary options instrument comprises arisk derivative that is subject to an affirmative or negative answer. 4.The method of claim 1 further comprising: updating the pluralityreceived of bids and offers.
 5. The method of claim 4, in which theupdating the received plurality of bids and offers occurs at a samplingrate.
 6. The method of claim 1, in which generating the subset of bidsand offers comprises: selecting a quantity of recently received bids andoffers.
 7. The method of claim 1, in which generating the subset of bidsand offers comprises: selecting the bids and offers received within aperiod of time.
 8. The method of claim 1, in which the applying the atleast one rule to the subset of bids and offers comprises: sorting theplurality of bids and offers; and removing at least one of: a highestbid, a highest offer, a lowest bid and a lowest offer.
 9. The method ofclaim 1, in which applying the at least one rule to the subset of bidsand offers comprises: removing a bid or an offer that comprises aspecific value.
 10. The method of claim 9, in which applying the atleast one rule to the subset of bids and offers comprises: removing anybid or offers that fall within a specific window of values.
 11. Themethod of claim 1, in which applying the at least one rule to the subsetof bids and offers comprises: removing a bid or an offer that exceeds orfails to meet a threshold.
 12. The method of claim 11, in which thethreshold is a maximum or minimum price threshold.
 13. The method ofclaim 11, in which the threshold is a maximum or minimum quantitythreshold.
 14. The method of claim 10, in which the threshold is a pricethreshold and a quantity threshold.
 15. The method of claim 1, in whichapplying the at least one rule to the subset of bids and offerscomprises: removing a bid or an offer that falls outside a standard ofdeviation.
 16. The method of claim 1 further comprising: determining apattern from the plurality of received bids and offers; and deviatingfrom the pattern.
 17. The method of claim 16, in which the pattern is anorder position in which a bid or an offer is received; and removing anybids and offers with the order position.
 18. The method of claim 15, inwhich the order position is determined by a random number generator. 19.An apparatus for facilitating electronic trading over a network withinterfaces of computing devices, the apparatus comprising: a processorof a computing device; and a memory, in which the memory storesinstructions which, when executed by the processor of the computingdevice, direct the processor of the computing device to: receive datarepresenting a plurality of bids and offers for a binary optionsinstrument, in which each bid and offer comprises a quantity and aprice; generate data representing a subset of bids and offers from theplurality of received bids and offers; apply at least one rule to thesubset of bids and offers to generate a reduced subset of bids andoffers; compute data representing a binary options index from thereduced subset of bids and offers; transmit, to a graphical userinterface of a remote computing device, the data representing thecomputed binary options index to be displayed on a first display windowof the graphical interface of the remote computing device; receive, fromthe interface of the remote computing device, data representing arequest for a binary options transaction that is based on the computedbinary options index; in response to receiving the request for a binaryoptions transaction that is based on the computed binary options index,generate, via the processor of the computing device, at the graphicaluser interface of the remote computing device, a second display windowthat overlays the first display window of the graphical user interface,wherein the second display windows is populated with data representing adefault price value and a default quantity value for an electronic tradeassociated with an order in connection with the computer binary optionsindex; determine that at least one of the bids and offers is amanipulative bid, in which the manipulative bid meets a price threshold;detect input related to a user gesture in association with a position ofthe graphical user interface of the remote computing device; andretrieve data points associated with an area associated with theposition, in response to the user gesture.
 20. An article of manufacturecomprising: a computer-readable medium that is non-transitory, in whichthe computer-readable medium stores instructions for facilitatingelectronic trading over a network with interfaces of computing devices,the instructions which, when executed by a processor of a computingdevice, direct the processor of the computing device to: receive datarepresenting a plurality of bids and offers for a binary optionsinstrument, in which each bid and offer comprises a quantity and aprice; generate data representing a subset of bids and offers from theplurality of received bids and offers; apply at least one rule to thesubset of bids and offers to generate a reduced subset of bids andoffers; compute data representing a binary options index from thereduced subset of bids and offers; transmit, to a graphical userinterface of a remote computing device, the data representing thecomputed binary options index to be displayed on a first window of thegraphical user interface of the remote computing device; receive datarepresenting a request for a binary options transaction that is based onthe computed binary options index; in response to receiving the requestfor a binary options transaction that is based on the computed binaryoptions index, generate, via the processor of the computing device, atthe graphical user interface of the remote computing device, a seconddisplay window that overlays the first display window of the graphicaluser interface, wherein the second display windows is populated withdata representing a default price value and a default quantity value foran electronic trade associated with an order in connection with thecomputer binary options index; determine that at least one of the bidsand offers is a manipulative bid, in which the manipulative bid a pricethreshold; detect input related to a user gesture in association with aposition of the graphical user interface of the remote computing device;and retrieve data points associated with an area associated with theposition, in response to the user gesture.